A Gold Miner in the MakingCorporate Presentation – July 2019

Goose Gold Project, Back River, Nunavut, Canada

Forward Looking InformationStatements relating to our belief as to the results of exploration activities, timing of receipt of necessary authorizations and licenses,the availability of project financing, the timing of the start of construction and the first gold pour, and the results of furtheroptimization studies to the feasibility study, the potential tonnage and grades and contents of deposits and the potential productionfrom and viability of Sabina’s properties are forward looking information within the meaning of securities legislation of certainProvinces in Canada. Forward looking information are statements that are not historical facts and are generally, but not alwaysidentified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential,” “opportunities,”and similar expressions, or that events or conditions “will,” “would.” “may,” “could,” or should occur. The forward looking informationis made of the date of this video. This forward looking information is subject to a variety of risks and uncertainties which could causeactual events or results to differ materially from those reflected in the forward looking information, including, without limitation: theeffects of general economic conditions; changing foreign exchange rates; risks associated with exploration and project development;the calculation of mineral resources and reserves; risks related to fluctuations in metal prices; uncertainties related to raising sufficientfinancing to fund the planned work in a timely manner and on acceptable terms; changes in planned work arising from weather,logistical, technical or other factors; the possibility that results of work will not fulfill expectations and realize the perceived potentialof the Company’s properties; risk of accidents, equipment breakdowns and labour disputes; access to project funding or otherunanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in the work program; titlematters; government regulation; obtaining and receiving necessary licenses and permits; the risk of environmental contamination ordamage resulting from Sabina’s operations and other risks and uncertainties including those described in Sabina’s annual informationform for the year ended December 31, 2018 available at www.sedar.com

Forward looking information is based on the beliefs, estimates and opinions of Sabina’s management on the date the statements aremade. Sabina undertakes no obligation to update the forward looking information should management’s beliefs, estimates oropinions, or other factors, change, except as required by applicable law

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Sabina Investment Highlights 3

Highest grade undeveloped open pit projects at 6.2g/t Au

Annual gold production of ~200koz at cash costs of US$530/oz Au

Robust project economics with after-tax IRR of 24% at $1,150/oz gold

Manageable pre-production capital requirements of C$420mm with less than a 3 year payback

80km long multi-generational mining district with embedded growth in a good jurisdiction

Continued exploration drilling with new discoveries still being made

Low risk resource conversion opportunities

Numerous blue sky brownfield potential

Continued greenfield and generative exploration future

Completed Environmental Assessment (EA) process, with final major license received in November 2018. All key authorizations for construction and operations

Strong government and community support – Inuit Impact Benefit Agreement (IIBA) finalized

Technically de-risked project through pre-development work and utilization of transportation corridor

Strong balance sheet with ~$44 million in treasury (Q1/19)

Sabina management have a track record of successful mine building and delivering value to all stakeholders

Combined exploration, mine development, permitting operations & capital markets experience in over 70 projects & companies)

Has successfully tripled resource by under Sabina ownership since 2010

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Nunavut, Canada – Over 4 decades of prosperity in mining

Nunavut is prolific for mineral discoveries

Many historic and operating mines in the region

Agnico Eagle – Open pit with similar logistics since 2010

Agnico has two new mines coming on in Nunavut: Meliadineand Amaruk

A safe jurisdiction with certainty of tenure and district scale opportunities

Global BIF-hosted Gold DepositsBack River Gold Project

Compares favourably to successful Canadian BIF-hosted gold projects

Attractive to Major Gold Producers

Developing Meliadine (Agnico) Amaruq (Agnico) Hardrock

(Centarra/Premier)

Producing Meadowbank (Agnico) Musselwhite (Goldcorp)

Closed Lupin (Kinross)

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Back River

Back River is Shovel Ready and Offers Robust Economics6

88% 105% 110% 146% 154% 181% 205% 242%

438% 518%

1,344%

Rubicon Victoria Gold Lundin Gold Sabina Continental Orla Orezone Belo Sun INV Cardinal Falco

Initial Capital Expenditures as a % of Market Capitalization At US$1150 gold price and $.80 FX generates 24.2% after tax IRR

Current mine plan uses 2.3 million ounces of global 7.3 million ounce resource (in all categories) to (200,000 Oz per year for 12 years)

Simple executable mine plan for first mine; develop district from cash flow

Fully permitted and shovel ready. Strong government and community support; social license in hand

Have demonstrated extensions to mine life with new discoveries

Sabina has one of the lowest capital intensity ratios relative to peers

Back River is a Company Maker with embedded growth in a world class jurisdiction 6.2 g/t Au open pits – highest grade undeveloped pits Robust Economics Capex geared to a company Sabina’s size Competitive Opex Strong Production Profile 12 year mine life with significant expansion demonstrated

QA/QP – see slide 23

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1998 2002 2007 2009 2010 2012 2015

Gold ResourceMillions oz Indicated Inferred

Back River – Deposits are Well Drilled , Well Understood and Open7

Under Sabina Ownership

*See mineral reserves and resources estimate slide 24 for details

Mineral Resource EstimateOct/14 Tonnes (kt) Au (g/t) Metal (koz Au)

Measured 10,273 5.27 1,740

Indicated 17,969 6.22 3,593

Measured and Indicated 28,242 5.87 5,333

Inferred 7,750 7.43 1,851

Mineral Reserve Estimate Aug/15 Classification Tonnes (kt) Au (g/t) Au (koz)

Total Open PitProven 6,983 5.97 1,340

Probable 1,885 5.52 335

Total UndergroundProven 20 9.52 6

Probable 3,471 7.37 822

Total Back River Property

Proven 7,003 5.98 1,346Probable 5,356 6.72 1,157

80% of open pit reserve is in Proven Category

1980’s & 90s 1997-2009 June 2009 2010-2014

George & Goosedeposit discoveries

Project owned by Arauco, Kinross, Miramar & DPM

Project acquiredby Sabina

+325% resourcegrowth under Sabina

Measured & IndicatedInferred

New Discoveries at Llama and Umwelt 2017 and 20188

Llama - Umwelt Mineralizing Trend: • Significant upside exploration potential.• Conversion and expansion potential.Long-section view looking northeast.Inferred Resource

Measured & Indicated Resource (including Reserves)

0 3km

-1000m

-500m

LLAMA UMWELT

VAULTLLAMA

EXTENSION

Multi-Million Ounce Gold Trend 2018 Drill Intercept

18GSE5333.15 m @ 15.43 gpt Au

inc 1.25m @ 34.48 gpt Au

18GSE5355.65 m @ gpt 28.95 Au

DIFTARGET

DIFTARGET

18GSE53023.25 m @ 15.67 gpt Au

inc. 10.30 m @ 32.56 gpt Au

17GSE516B38.55 m @ 9.48 gpt Au

17GSE523B28.70 m @ 9.00 gpt Au

17GSE51733.25 m @ 5.99 gpt Au

17GSE522B31.9 m @ 8.65 gpt Au

2017 Drill Intercept

18GSE53417.40 m @ 5.24 gpt

Au

18GSE53223.90 m @ 4.93 gpt Au

Nuvuyak: Most significant discovery since Umwelt.9

QA/QC Slides 27/28

Hook

Discovery hole 18GSE545 returns 11.58 g/t over 39.50 meters.

Drill hole 18GSE558 returns new zones of:

16.39 g/t Au over 13.20 meters;

7.78 g/t Au over 12.40 meters;

13.32 g/t Au over 5.10 meters;

9.48 g/t Au over 9.10 meters;

and 7.44 g/t Au over 6.40 meters

Early interpretations of the Nuvuyak zone and its similarities to the high-grade Umwelt Vault zone

recognize the potential for a large-scale mineral trend extending from Goose Main to Umwelt Vault

Back River – World Class Grade• Highest grade undeveloped open pits in the Americas• The only high-grade project with a major open pit component (72% OP, 28% UG)

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15.77

8.67

6.21

3.26 3.06 2.67 2.30 1.65 1.60 1.04 1.03

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+5 Moz Development Gold Assets in the AmericasTotal Resource gold grade g/t

UG

OP/UG

UG

UG/OP UG/OP OP OPOP OP OP OP

Notes: Total 2P, Measured, Indicated & Inferred gold resources larger than ~5 million ounces; excludes by-products.Source: Company Technical Reports

Back River A District Scale Gold Opportunity100% OWNED BY SABINA

Significant extended productionopportunities exist through: Deposits not included in first mine plan

(at both Goose and George)

Low risk resource conversion opportunities

Direct extensional potential for all deposits

Numerous blue sky brownfield targets

Continued greenfield and generativeexploration future

Back River Property

80 Km

Kilometres

0 12.5 25

LEGEND

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Camp

Area of Interest

Claim

Lease

Surface

Subsurface and Surface

George Project

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Goose Project

Del

Bath

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George Property Existing Mineral Resources:

Indicated 1.1m oz @ 5.6 g/t

Inferred 980k oz @ 6.32 g/t

Included in prior Feasibility ~600 k oz

Port

Significant existing resources at George on 20km of largely unexplored iron formation offering opportunity for another mining complex on the Back River district

QA/QC Slide 24

Offers Robust Economics at CAD$ Gold Price12

Very high margins in US$ and CAD$ terms

USDGold Price: US$1,422.50CAD Gold Price: C$1,872LOM AISC: US$ 763.00

CAD NPV/IRR todays gold price:NPV = $920 IRR = 37.5%

*LOM All-In Cash Cost includes initial, sustaining and closure capitalQA/QP (see slide 30)Gold Price & FX as of July 29, 2019

Based on sensitivities in the 3KFS Feasibility StudyQA/QP – see slide 23

There have been only 6 days in the last 10 years that gold has beenOver C$1,872.00

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Gold Price CAD

Continuing to create value13

2019 Budget and work programs focused on de-risking and exploration - $41 m

Logistics and supply route Construction of Port and Winter

Ice Road completed. Equipment moved from Port to Goose Site

Demonstrates the viability and costs of Project logistics

CAPEX number Securing a fixed bid EPC contract

provides more confidence in CAPEX for the processing plant

8,000 meter spring exploration program completed

Significant pre-development works completed successfully, demonstrating transportation corridor viability prior to a construction decision

From “pioneering” to finished works in 5 months

Aug 2018

June 2017

Bathurst Inlet Port FacilityBegan construction in March 2018 and completed in August 2018

Barge Unloaded and Equipment Stored at MLA – August 201815

First sealifts received and offloaded successfully

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KM 0

KM 171

Forward Camp – 1st position

Forward Camp – 2nd position

Bathurst Inlet

Bathurst Lake

2019 Winter Ice Road (“WIR”) 170 km long from Port Facility to Goose Property

Purpose : Demonstrated the second critical component of Project logistics - hauled equipment and supplies brought to Port via sealift in summer 2018 to Goose Property for pre-development civil works.

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Haulage completed

Back River is a Compelling Gold Project

There are few advanced projects that are large, high grade, district scale, in good jurisdictions

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Source: RBC Capital Markets – January 11, 2019

Both LUG & CNL have 20% ownership by Majors and are outside of North America

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Gold equivalent grade (g/t) - M&I+I

NovaGold 23MMoz at 2.1g/t

Median target resource grade since 2013 = 1.6 g/t

Median target resource size since 2013 = 2.5 Moz

Sabina Poised for re-rating – Undervalued compared to similarly advanced peers

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No Value ascribed for: Multi-generational district owned

100% by Sabina – imbedded growth Premier jurisdiction Remaining ounces in mineral

resource estimate & exploration upside

Vault, Llama & Nuvuyak potential for extended mine life and enhanced economics

Hackett River Royalty – option on silver for the future

Environmental and Social Licenses in hand

BACK RIVER IS A COMPANY MAKER AND A COVETED PROJECT

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National Bank Financial May/19

Capital Structure & CoverageSabina Gold & Silver Corp.

Symbol SBB

Listed exchange TSX

Market capitalization ~C$453 million

Shares outstanding ~293million

Shares outstanding (diluted) ~307 million

Cash (Q1/19 + flow-through) ~C$44million

Debt None

52 week trading range C$.99 -$1.68

Recent Price ~C$1.55

Analyst Coverage

BMO Capital Markets Andrew Kaip

Paradigm Capital Don MacLean

Cormark Securities Tyron Breytenbach

RBC Capital Markets Mark Mihaljevic

Canaccord Kevin MacKenzie

Echelon Partners Ryan Walker

TD Securities Daniel Earle

Industrial Alliance George Topping

Cantor Fitzgerald Matt O’Keefe

National Bank Financial John Sclodnick

Sprott Capital Partners Felix WaechterMajor Shareholders Holdings (I&O)

Dundee Precious Metals 10.2%

Sun Valley Gold 8.9%

Zhaojin 9.7%

Wheaton Precious 4.8%

Management (options incl.) 1.8%

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Average 12 month

target price: C$3.15

Management & Board

Combined exploration, mine development, permitting operations & capital markets experience in over 75 projects & companies

Executive Management

Bruce McLeodPresident, CEO & Director

Elaine BennettVP Finance & CFO

Nicole HoellerVP Communications & Corp. Secretary

Technical ManagementAngus CampbellVP Exploration

Matthew PickardVP Environment & SustainabilityLello Gallassi

VP Project Development and Construction

Bruce McLeod (Pres. & CEO)

Walter Segsworth (Chairman)

David Fennell

Rick Howes

James Morton

Anthony Walsh

Anna Stylianides

Leo Zhao

Board of Directors

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Thank you!

Back River Feasibility Study QA/QCThe FS was prepared under the direction of JDS Energy & Mining Inc. by leading independent industry consultants,all Qualified Persons (QP) under National Instrument 43-101.

Angus Campbell, P.Geo, Vice-President, Exploration, is a qualified person under NI-43-101 where the information relates to mineral resource estimates and Jeff Eng, P.EngDirector, Engineering are qualified persons under NI 43-101 for the feasibility study and both approve the scientific and technical information contained herein. Furtherinformation can be found at Technical Report for the Initial Project Feasibility Study on the Back River Gold Property, Nunavut” dated October 28, 2015 and filed on SEDAR athttp://www.sedar.com.

Qualified Person, Designation Company QP Responsibility/Role

Gord Doerksen, P.Eng. JDS Energy & Mining Inc.

Executive Summary, Introduction, Reliance on Other Experts, Reserves, Infrastructure, Market Studies, Capex, Opex, Economic Analysis, Adjacent Properties, Environmental, Other Relevant Data, Interpretations, Recommendations, References, Abbreviations, Project Execution Plan, Logistics, Infrastructure, G&A

Dino Pilotto, P.Eng. JDS Energy & Mining Inc. Mining Methods

Andrew Fowler, MAusIMM, CP (Geo) AMC Mining Consultants (Canada) Ltd. Mineral Resource Estimates for George

Dinara Nussipakynova, P.Geo AMC Mining Consultants (Canada) Ltd. Mineral Resource Estimates for Goose

John Morton Shannon, P.Geo AMC Mining Consultants (Canada) Ltd.Property Description, Accessibility, History, Geology, Deposits, Exploration, Drilling, sample Preparation, Data Verification

Maritz Rykaart, P.Eng. SRK Consulting (Canada) Inc. Geochemistry, Tailings Management, Water Management

Stacy Freudigmann, P.Eng Canenco Canada Inc. Metallurgy, Recoveries, Process

Rob Mercer, Ph.D., P.Eng Knight Piésold Ltd. Geomechanical

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CIM definitions were used for the resources.

Ms. D. Nussipakynova, P.Geo. and Dr. A. Fowler, Ph.D., MAusIMM, CP (Geo), both from AMC and Qualified Persons under NI 43-101, take responsibility for the Mineral Resource Estimates.

Open pit resources are constrained by an optimized pit shell at a gold price of US$1,500 oz. The cut-off grade applied to the open pit resources is 1.0 g/t Au.

The underground cut-off grade is 4.0 g/t Au for all George resources (LCPN, LCPS, LOC1, LOC2, GH, and Slave), 3.5 g/t Au for Goose Main, Echo, and Llama, and 4.5 g/t for the Umwelt deposit.

The George resources were estimated within mineral domains expanded to a minimum width of 2 m for the underground resources.

Drilling results up to December 31, 2013 are included, except for Echo (July 4, 2014) and LOC1 and LOC2 (July 21, 2014).

The numbers might not add due to rounding.

Measured and Indicated Resources are inclusive of Reserves.

Resources that are not reserves do not have demonstrated economic viability.

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A gold price of US$1,250/oz is assumed.

An exchange rate of CDN$1.15 to US$1.00 is assumed.

The numbers might not add due to rounding.Notes for open pit:Dilution and recovery factors are applied as per open pit mining method.A COG of 2.08 g/t was used for the Umwelt Open Pit Mineral Reserve Estimate.A COG of 2.14 g/t was used for the Llama Open Pit Mineral Reserve estimate.A COG of 2.07 g/t was used for the Goose Main Open Pit Mineral Reserve estimate.

Notes for underground:Dilution and recovery factors are applied as per underground mining method.A COG of 3.86 g/t was used for the Umwelt underground Mineral Reserve Estimate.

Mineral Resources Estimate Mineral Reserve Estimate

Back River Mineral Resource and Reserve Estimates QA/QC

Hackett River QA/QC

The updated mineral resource estimate was originally prepared by Glencore (previously Xstrata) under the JORC code and was reported by Glencore on May 3, 2013 in its annual report of mineral resources and reserves as at December, 31, 2012. Glencore’s updated mineral resource estimate has been reviewed by Sabina and is stated in the Report dated July 31, 2013 and titled “Sabina Gold & Silver Corp. Hackett River Property Royalty NI 43-101 Technical Report, Nunavut, Canada” in accordance with NI 43-101 thus conforming to CIM Definition Standards. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral resource estimates do not account for mineability, selectivity, mining loss and dilution. These mineral resource estimates include inferred mineral resources that are normally considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is also no certainty that these inferred mineral resources will be converted to measured and indicated categories through further drilling, or into mineral reserves, once economic considerations are applied.

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